Posted on: 08th Oct, 2008 11:57 am
Our renters have not been paying anything for months, despite all our property managers efforts, nor can we seem to evict them without spending more money that we don't have. I have already spent $28,000 of my home equity to cover these mortgages in attempts to save my credit. Now, I'm about out of equity in my personal home and have no faith to try over with new renters. I'm certain all three homes are valued for less than my mortgage amount. I'm willing to loss all my downpayment and damage my immaculate credit rating to make this nightmare go away. What is my best option? DIL or foreclosure, short sale? How do I get started?
call me to discuss (phone number removed in accordance with forum guidelines)
You have two choices:
1. Get them dispossessed. It will be the best $75 you ever spent. From there you just need to get them rented. There is a huge rental market today, and I have seen a HUGE improvement in the quality of renter that I have been getting lately.
2. Sell the properties. You will probably have to sell them for a breakeven or less price, so #1 is really a better option.
1. Get them dispossessed. It will be the best $75 you ever spent. From there you just need to get them rented. There is a huge rental market today, and I have seen a HUGE improvement in the quality of renter that I have been getting lately.
2. Sell the properties. You will probably have to sell them for a breakeven or less price, so #1 is really a better option.
mike b, please read the guidelines posted here. your post is totally out of line with the purpose of this forum. advertising in your post is prohibited. i trust noone will bother to pick up the phone and call you. if you have anything to say that is worthwhile, please do so.
